business bankruptcy essentials
I presently have an unsecured debt of $25,000-30,000 to several credit card companies. My present situation do?
I presently have an unsecured debt of $25,000-30,000 to several credit card companies. My present situation does not allow me to put a dent into the debt balance. I believe filing for bankruptcy may be my only solution. I am called daily by the institutions I owe money to. I ignore them because at present there is no money to make any type of effort at re-payment. Other bills take priority over these unsecured loans. These include:child support, rent, utilities, and very basic living expenses. My question concerns what recourse these credit card companies have with regards to my business property. I am a sole proprietor. My truck and equipment is essential for me to make a living. So far I have received only idle threats from credit collection lawyers, but no legal summons from the court system. I have put off filing for bankruptcy with hopes of a better solution. What will be the consequences if I continue to ignore these credit institutions?
Filing bankruptcy is NOT your only solution, and should not even be under consideration for such a small outstanding balance!
Read the article at the first link below.
You have several options:
1) Debt negotiation. This would allow for a renegotiation of all of your debts to try to lower your interest rates and payments to levels that you can handle. This has the same (or better) result than a Chapter 13 bankruptcy, but without destroying your credit.
2) Debt settlement. This would allow you to set a payment level that is comfortable for you, and then your debts would eventually be settled for about 50% of what you currently owe. This takes 12-36 months, but is faster and cheaper than a bankruptcy.
3) Run and hide. Doesn’t work for everyone and won’t solve your situation, but is a very common method.
Get help! Contact National Consumer Rights Alliance (second link below). They can assist you with these options and others, and when it is all finished, they will help you fix your credit also.
You don’t have to ignore your creditors, and you can get them to stop calling you, but you have to know and enforce your rights. The experts at NCRA can help you will all of this.
Good luck!
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Business Bankruptcy Essentials Bernstein, Stan $124.80 |
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Chapter 11: Reorganizing American Businesses (Essentials) $16.34 Chapter 11: Reorganizing American Businesses, The Essentials is part Aspen’s new Essentials series, which takes a “forest rather than the trees” approach to teaching. This concise paperback concentrates on the fundamentals of business bankruptcy law and uses an informal, essay-like style to explain them. In addition to developing the important ideas in business bankru… |
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Paralegal Today: Legal Team at Work & Bankruptcy Supplement Package (West Legal Studies) $179.32 Paralegal Today: The Legal Team at Work, fourth edition, makes the paralegal field come alive for the student. It uses real-world examples, offering practical application of each concept discussed, and further enhances this focus with hands-on activities throughout. The text gives the student a thorough introduction to not only the legal system in general, but to specific areas of the law and the … |
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The Essential Credit Repair Handbook: A Quick and Handy Guide for Anyone Who Wants to Get and Stay Out of Debt $8.89 “The Essential Credit Repair Handbook gives the reader the tools to use in rebuilding their credit report, staying away from debt, budgeting their money as well as planning for their future, even after a bankruptcy or foreclosure.”–Chris Viale, CEO, Cambridge Credit Counseling, Inc.”Deborah brings a wealth of experience to all areas pertaining to credit. This book contains invaluable information…. |
